Scandex Market Update – April 2

My favorite idea right now is long crude. We’ve long followed the channel defined by the line off of the 1986 and 2001 lows. Half channel extensions are colored magenta and full channel extension are in bold black. Notice that the half channel extension above the channel was resistance in 2005 and 2006. The full channel extension nailed the 2008 high. Based on symmetry, one would expect the half channel extension below the channel to provide support. We’re there now. A rally could carry back to 33.00s.

Scandinavian Capital Markets Review